All Forum Posts by: Ryan T.

Hello- I was looking on some advice for creative laundromat financing. I know the go-to is always seller financing, but if I took a different route what are the best available options right now? The current laundromat has a very good cash flow as is. 

- Rented location / No RE (so that probably knocks out SBA loans)

- All books and taxes are well maintained (Maybe bank conventional)

- Needs retooling in addition to the acquisition price

I would probably be looking at an all-in total of around $600k (Acquisition plus retooling). I have capital to put down whatever percentage is needed, but I am looking to maximize the loan term years with obviously the lowest rates. I see a lot of the big names are only ten year loans which would eat all of the cash flow. 

Does anyone have any experience on how to get the most creative with these types of aquistions plus retooling on rented space?

Thanks!

First thing you need to do is make sure it is zoned properly. For triplexes in Philly they are usually RM1's. If it's a SFH RSA5 that you plan to "make" a triplex you would have to go through the zoning process.

https://www.phila.gov/departme...

Joe White Thank you for that point of view, I appreciate it. And thanks again to everyone for the warm welcome.

@Dave Van Horn , this is exactly what I was looking for. Thank you very much for the thorough response that I can add to my pros/cons list. When I get back into it this time, I want to make the right decisions beforehand instead of the wrong ones when it's too late. Thanks!

@Joseph Scorese @Dmitriy Fomichenko, Thank you guys for the welcome as well as the links. I am knee deep in reading and hope to attend as many events as I can. 

Thanks again!

Thank you all! I look forward to getting back into it for the long run this time. I know this area is definitely a fierce and competitive location, but I hope to play all my cards right. I want to also thank you for the networking groups. I will definitely check them out!

Haha, Di Di great post in regards to crazy wives...They aren't crazy, right? Thank you both for the replies. We would all definitely bring something beneficial to the table, but I can understand your points. Although we all have the same goals, there is always going to be different views and different experiences that life brings us. We are also all long time friends. I am going to continue to research this and see what all the pros and cons are before making a decision. Thanks again!

Hello, I am looking for insight from experienced single family and flip investors in regards to partners. Is there a time when there are too many partners?

As an example, three partners that all bring something to the table that can help the business. I am aware that everything you acquire is split in three, but the idea that this is long term and about re-investing into other properties. And everyone has had long term careers and is not dependent on the cash flow to survive, only for the business the thrive...

Just curious if anyone has been down this road and the pros/cons you would like to share?

Thank you!

Hello all, new investor from the Philadelphia, PA area. I have had rental properties in the past, and have been out of the business for some time. I am looking to get back into multi-family rentals as well as keeping an eye open for flips. 

I am signing up for BP because I always have questions, and enjoy reading answers to questions that I may have. Also, I do not think that one can ever stop learning from others. 

Looking forward to getting back in!